Duplex With Bonus
For Sale
$249,900
Pending
1011 WHITNEY Boulevard, Belvidere, IL 61008
MULTIFAMILY, BELVIDERE, IL
Property Size2,648 SF
Days on Market47
Property Features for 1011 WHITNEY Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 2, Basement, Bedroom 2
Parking
2
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Meehan Elementary
Middle school
Belvidere South Middle
High school
Belvidere High
Elementary school district
Belvidere 100
Middle school district
Belvidere 100
High school district
Belvidere 100
Subdivision
Boone County
Standard status
Pending
APN
0536153024
Size
2,648 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
36-44-3 LT A BLK 2 LOOP BABCOCK & CARPENTERS ADD 1011 & 1013 WHITNEY BLVD
Tax Annual Amount
2077
Legal Description
36-44-3 LT A BLK 2 LOOP BABCOCK & CARPENTERS ADD 1011 & 1013 WHITNEY BLVD
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Christi Steines · License #471004161
(815) 509-9585
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 8 at 11:06AM
MLS# 202604551
Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two residential units with distinct layouts. The 1011 unit includes a living room, kitchen, full bathroom, and laundry on the main level, with two bedrooms, a bonus room, and a half bathroom upstairs. The 1013 unit offers a living room, kitchen with washer and dryer, and one bedroom on the main floor, plus two bedrooms, a bonus room, and a full bathroom above. The property totals 2,648 square feet and was built in 1900.
Additional features include natural-gas heating, central air conditioning, a shingle roof, a basement, a refrigerator, and stove/cooktop appliances. The property is being sold as is.
Additional features include natural-gas heating, central air conditioning, a shingle roof, a basement, a refrigerator, and stove/cooktop appliances. The property is being sold as is.
Key Highlights
- 2,648‑square‑foot duplex with two residential units
- 1011 unit includes two upstairs bedrooms, a bonus room, and laundry
- 1013 unit features three bedrooms and an upstairs bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,332
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$346,640
$346.6K
Cap Rate 7%
$247,600
$247.6K
Cap Rate 9%
$192,578
$192.6K
Market Conditions
NOI Build-Up for 2,648 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.7K $9.72/SF
− Vacancy
−$978 −$0.37/SF
EGI
$24.8K $9.35/SF
− OpEx
−$7.4K −$2.81/SF
NOI
$17.3K $6.55/SF
Area
Boone County, IL
Vacancy
3.80%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$346,640
Cap Rate 7%
$247,600
Cap Rate 9%
$192,578
Alternative Uses
Best Use
Multifamily LT 5
$247.6K
$216.7K – $288.9K
NOI $17,332 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$215.7K
$188.8K – $251.7K
NOI $15,100 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$704.3K
$616.3K – $821.7K
NOI $49,304 @ 7.0% cap · market cap 19.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Explore this area
Business Placement
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide individual kitchens, laundry areas, and flexible bonus-room space across two levels.
Where is this duplex located?
The property is located at 1011 WHITNEY Boulevard Belvidere, IL.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,648‑square‑foot duplex with two residential units; 1011 unit includes two upstairs bedrooms, a bonus room, and laundry; 1013 unit features three bedrooms and an upstairs bonus room
